Hey Traders so today want to take a quick look at Bitcoin. This is why I use the daily charts because you can truly see where the market closed after the trading day was over. I have highlighted some Hammer Candles on the chart. This means the market tries to go lower but then is rejected from the lows. This is normally a continuation signal in strong trends. So anotherwords if you see a Hammer Candle at the trend line the market is normally telling you to buy!
So you buy the day after the candle closes or if you want be more conservative look for a 50% retracement of the the hammer and then buy. Put a stop loss below the low of the Hammer or in a place to give the market breathing room just in case it reverses on you.
So if your bullish Bitcoin buy when you see hammers but if your bearish wait for a close underneath strong support like maybe 105,000 or even better wait for top formation!
Always use Risk Management! (just in case your wrong in your analysis)
Hope This Helps Your Trading 😃
Clifford
So you buy the day after the candle closes or if you want be more conservative look for a 50% retracement of the the hammer and then buy. Put a stop loss below the low of the Hammer or in a place to give the market breathing room just in case it reverses on you.
So if your bullish Bitcoin buy when you see hammers but if your bearish wait for a close underneath strong support like maybe 105,000 or even better wait for top formation!
Always use Risk Management! (just in case your wrong in your analysis)
Hope This Helps Your Trading 😃
Clifford
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.